Bicycle Mechanics - Replacement Wheels

First off, I am a complete noob when it comes to cycling so please excuse my ignorance. Now, with that said, I have a 96 or 97 (not sure) Cannondale M300 that I am getting back into riding condition. First problem is that I don't have the wheels. I would like to get replacement wheels but have no idea what to get or where to get it. I want an affordable yet decent wheel/tire combination that utilizes the rim braking method that will be good for all terrain. I appreciate any input you guys can give me, thanks.

you can get a decent wheelset for ~$100 from online vendors such as pricepoint.com or jensonusa.com etc. tires new may cost upwards of $40 apiece, but you can probably pick a pair up for $20 apiece. you'll also need a cassette. your older bike may be 7sp or 8sp, newer stuff these days is 9sp but 8sp stuff can still be found. try to find a cassette that matches the number of speeds on your shifters, or else you'll need new shifters, too. cassettes are at least $20, shifters at least another $20.

of course you can buy all of this stuff used, and there are great deals if you know what you are looking for.

If the cassette (the sprocket on the rear wheel) was 7-sp, then you will need a 7-sp cassette and rear freehub. If your shifters are MRX,then its a 21-sp. You should be able to find a couple of decent 26" MTB wheels (rear one with a 7-sp Shimamo hyperglide cassette) on eBay.

You can also upgrade your bike from its original 21-sp configuration to 24-sp:

WEINMAN Zac19 front wheel (26") and Zac19 rear wheel (8/9 sp). Both wheels for under $100

TIRES MTB knobies (or slicks smooth tires for city riding) from $30 on up.

SRAM Centera Grip shifter kit (8 sp) for approx. $35.

SHIMANO Alivio front derailleur for approx. $10 and Deore LX rear derailleur for approx. $35

An upgrade to a 27-sp would be more money. At any rate, your Cannondale probably has a CAAD1 frame (which has a lifetime warranty) and I think it's worth keeping and upgrading,IMO.

Regards.

First of all, while CDale offers the lifetime warranty, it is non-transferrable and I get the impression you aren't the original owner of this bike. CDale is a stickler when it comes to having documentation in these areas. Just an FYI.
The items JCM800 lists are a good starting point. Most any local shop should be able to provide you with these parts, and make any recommendations for other things you might need/help you out with any compatibility issues that may arise. If you get the parts from them, you should get reduced or eliminated labor charges as well.